Ostern, who submitted his resignation to UACC yesterday, has spent almost nine years at UACC, playing a strong role in the company’s emergence as a major Middle Eastern products tanker player.

UACC faces an uncertain future as its pan-Arabian shareholders have decided to exit shipping by selling off compatriot liner company United Arab Shipping to Hapag-Lloyd. UACC was not part of the deal and a buyer for the company is being sought.

Ostern has been acting CEO in addition to his role as CFO since previous CEO Per Wistoft resigned 20 months ago in order to return to Europe. Chief operating officer Mathieu Philippe left at the same time to become head of shipping at SOCAR Trading.

Those departures left Ostern holding the fort at UACC.

“ I have enjoyed my long stint with the company through all the ups and downs. I am particularly grateful for the support from the current chairman and vice-chairman. I will also miss the staff,” he told TradeWinds.

Ostern says he jumped at the opportunity to join AISOTT, a Dubai-based joint venture between the Iraqi Oil Tanker Co and Arab Maritime Petroleum (AMPTC), which is tasked with upgrading and expanding Iraq’s tanker fleet. When the venture was first announced last September, its stated goal was to build up a fleet of VLCCs through both purchases and charters.

It is this ambition on AISOTT’s part that has attracted Ostern.

“I thrive on challenges and doing transactions and grow the business, and this is something I believe will happen at AISSOT. After all, Iraq is a major oil exporter,” he said.

Ostern, who submitted his resignation to UACC yesterday, has spent almost nine years at UACC, playing a strong role in the company’s emergence as a major Middle Eastern products tanker player.

UACC faces an uncertain future as its pan-Arabian shareholders have decided to exit shipping by selling off compatriot liner company United Arab Shipping to Hapag-Lloyd. UACC was not part of the deal and a buyer for the company is being sought.

Ostern has been acting CEO in addition to his role as CFO since previous CEO Per Wistoft resigned 20 months ago in order to return to Europe. Chief operating officer Mathieu Philippe left at the same time to become head of shipping at SOCAR Trading.

Those departures left Ostern holding the fort at UACC.

“ I have enjoyed my long stint with the company through all the ups and downs. I am particularly grateful for the support from the current chairman and vice-chairman. I will also miss the staff,” he told TradeWinds.

Ostern says he jumped at the opportunity to join AISOTT, a Dubai-based joint venture between the Iraqi Oil Tanker Co and Arab Maritime Petroleum (AMPTC), which is tasked with upgrading and expanding Iraq’s tanker fleet. When the venture was first announced last September, its stated goal was to build up a fleet of VLCCs through both purchases and charters.

It is this ambition on AISOTT’s part that has attracted Ostern.

“I thrive on challenges and doing transactions and grow the business, and this is something I believe will happen at AISSOT. After all, Iraq is a major oil exporter,” he said.